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Know Your Market: Watertown MA Real Estate Market Statistics – December 2013

In an effort to stay “on top of” the real estate market in Watertown, MA we weekly pull market statistics for single families, condominiums and multi-family homes. We make an effort to share this information with our clients and followers of our Facebook, Twitter and Blog.  We do this so that we can help educate potential buyers and sellers about the real estate realities in the Watertown, MA real estate market on a monthly basis. These statistics were compiled using the MLS Property Information Network, Inc on December 2, 2013.

Real Estate Market Statistics for Watertown MA provided by The Madden Team of CENTURY 21 Commonwealth

Real Estate Market Statistics for Watertown MA provided by The Madden Team of CENTURY 21 Commonwealth

 

SINGLE FAMILY HOMES

The single family home market has seen great increases in comparison to last year when it comes to sales price. On a whole, look at the market year-to-date, we have seen an overall appreciation of $63,308 as compared to the same time period in 2012. Similarly, in looking at median sales prices, we are “up” $58,500. We have also seen an increase in the number of single family homes sales in Watertown MA this year with an increase of 13 homes compared to last year at this time. The only area where we are running slightly behind last year is in total number of active listings on the market. We are down two listings compared to last year at this time, but those numbers are relatively steady.

CONDOMINIUM HOMES

The condominium market is similar to the single family home market in Watertown MA. We have seen great appreciation in the amount of $45,061 using average sales price and $38,375 using the median sales prices. These are great numbers and a great opportunity for owners of homes to see what equity they now have in their home. We have seen a strong increase in the overall number of sales going from 193 at this time last year to 240 sales currently this year. This is an increase of 47 homes which is a very strong increase. Similarly to the single family homes, our active listing inventory is down 8 homes compared to last year at this time.

MULTI-FAMILY HOMES

The trends stay strong all the way through the multi-family housing market in Watertown MA. Comparing our year-to-date in 2013 to the same time period of 2012 we are up $68,210 when using the average sales prices and we are up $42,250 when using the median sales prices. We have seen a slight increase in the total number of sales year-to-date as we are up 9 sales compared to 2012. We currently only have 2 multi-families on the market, compared to 6 at this time last year.

OUTLOOK

There seems to be a running thread throughout the three market sectors; we have had great success in increasing the number of sales and seen great appreciation compared to last year but we need more listings to help home owners take advantage of these increases. In total, there are 32 active listings across all three sectors of the market compared to 46 at this time last year. The winter is a great time to sell a home as there is less competition and buyers are still very active trying to take advantage of the low interest rates before the begin to rise.

For more information on the Watertown MA real estate market or to receive updates on a weekly basis by mail please contact our team at info@themaddenteam.com or call us directly at 617-744-9195.

Know Your Market: Watertown, MA Real Estate Market Statistics by The Madden Team

In an effort to stay “on top of” the real estate market in Watertown, MA we sort through the real estate market statistics for single families, condominiums and multi family homes. We make an effort to share this data with our clients and the internet users, so that we can help educate potential buyers and sellers about the realities in the Watertown, MA real estate market. a weekly basis. If you would like to see a different town featured or sent to you directly, please do not hesitate to contact us at info@themaddenteam.com.

Single Family Homes

The single family home market in Watertown, MA has seen a slight decline in sales price (both average and median) but it right on pace with last year’s numbers in the total number of sales year-to-date. Also, the average number of days on market has stayed flat resting at just over two months of market time for properties that have sold.

Condominium Homes

The average and median prices for sales comparing this year to last year has stayed flat. There has been no real overall change in price, only a few thousand dollars difference which can fluctuate based on one sale. The biggest difference, year-to-date, has been in the overall number of sales. There have been 171 sales in 2012, compared to only 121 sales at this time last year. Amazingly, properties are selling at a much faster clip with the average days on market down 40 days compared to last year.

Multi-Family Homes

Multi-family home sales in Watertown, MA have seem a modest increase in the average sales price and median sales price compared to last year. The inventory and amount of sales year-to-date are down, but that is part of the reason the properties are selling for a higher amount. There is not a lot of inventory so the supply and demand is entirely in the favor of multi-family home sellers. There is a pent of demand for these types of properties with many buyers getting caught in multiple offer situations.

Know Your Market: Watertown, MA Real Estate Market Statistics

In an effort to stay “on top of” the real estate market in Watertown, MA we sort through the real estate market statistics for single families, condominiums and multi family homes. We make an effort to share this data with our clients and the internet users, so that we can help educate potential buyers and sellers about the realities in the Watertown, MA real estate market. a weekly basis. If you would like to see a different town featured or sent to you directly, please do not hesitate to contact us at info@themaddenteam.com.

Watertown MA Real Estate Market Statistics by The Madden Team of CENTURY 21 Commonwealth

Single Family Homes

Good quality single family homes are selling fast and for top dollar currently. The market has remained “flat” for single family homes as prices have, for the most part, not increased or decreased too much. The average sales price has decreased by roughly $13,000 but the median sales price is higher for 2012. I think this shows that Watertown single family homes are a solid sale for sellers right now, as they can price the property with market value and expect a solid offered from well qualified buyers looking to move closer to the city and maybe raise a family.

Condominiums

Condominiums have seen a sharp increase in condominium list prices, which isn’t because of the costly church renovated condominiums since many of those have sold. This is more reflective of a higher listing price for many condominiums in the area, but notice that the sales prices have barely changed since last year at this time. Higher list price does not mean higher sales price in all cases. The biggest difference is that 138 condominiums have sold this year compared to 101 at this time last year. That’s a difference of 37 condominium sales. This is proving that with the low interest rates and flattened out prices, buyers are willing and able to jump into the housing market and, it seems as though, Watertown is a destination for them!

Multi-Families

While the yearly sales are down, prices are slightly up in 2012. List prices have sharply risen in this area too, but that is spiked by a couple of high list prices. We have seen an incredible surge in the multi-family market with most properties receiving multiple offers when priced right. The biggest “in demand” properties are fixer uppers as developers are flocking to this properties to give themselves work and flip the property for profit.

For more information on the Watertown, MA real estate market or to receive this updates weekly by mail, please contact The Madden Team at info@themaddenteam.com or call us directly at 617-744-9195.

Watertown MA Real Estate Market Statistics by The Madden Team

On a monthly basis The Madden Team will provide market statistics for the Watertown MA Real Estate market. These real estate market statistics will compare the current market with the real estate market from one month ago and from one year ago. We will split the posts into three segments: single families, condominiums and multi-families. This should help to gauge where the market has come and in which direction it may be going. Our goal is to educate the people of Watertown as to the real estate market so that when the time does come to sell their home we can work better as a team to help you reach your goal. [Read more...]

NAR’s Profile of Home Buyers and Sellers Stats – Then and Now

As another decade comes and goes it helps to look back over the past ten years and see how much has changed in the real estate industry. There are certain elements that have really changed the way business is done these days and will have a long term effect on the process of buying and selling a home. According to the National Association of Realtors Profile of Home Buyers and Sellers data:

  • Over the past decade (1999 compared to 2009), median home values have increased more than 25 percent from $137,600 in Nov. 1999 to $172,600 in Nov. 2009. This shows that those who have been in their homes for 10+ years have definitely equity built up in those properties.
  • Fewer people are buying single family homes – 78% in 2009 compared to 82% in 1999.
  • More than half of buyers (54 percent) bought a home in a suburban neighborhood last year compared to 46 percent 10 years ago.
  • A majority of last year’s buyers (90 percent) began their search for a home online compared to only 37 percent in 1999. I highlight this because this has been an instrumental change in how real estate is done these days, which has led to The Madden Team being on the forefront of these technological changes.

While these changes have occurred within the real estate industry, some things have remained unchanged over the course of ten years.

  • The median age for homebuyers in 2009 was 39, just as it was in 1999.
  • Neighborhood quality, affordability and convenience to work and school are still top considerations for buyers.
  • 80% of buyers still believe that owning a home is an investment in their future.

While some things change, other stay the same. There will always be innovation that changes this industry and we will adapt to use it to the best of our ability. Have a happy and healthy 2010!